November 2018 Richardson Rent Report

Welcome to the November 2018 Richardson Rent Report. Richardson rents declined over the past month. In this report, we'll evaluate trends in the Richardson rental market, including comparisons to cities throughout the metro, state, and nation.

November 2018 Richardson Rent Report

Welcome to the November 2018 Richardson Rent Report. Richardson rents declined over the past month. In this report, we'll evaluate trends in the Richardson rental market, including comparisons to cities throughout the metro, state, and nation.

Richardson rents decline sharply over the past month

Richardson rents have declined 0.6% over the past month, and are down significantly by 2.5% in comparison to the same time last year. Currently, median rents in Richardson stand at $1,050 for a one-bedroom apartment and $1,310 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in August. Richardson's year-over-year rent growth lags the state average of 1.5%, as well as the national average of 1.1%.

Rents rising across the Dallas Metro

While rent prices have decreased in Richardson over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 9 of the largest 10 cities in the Dallas metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.

Mesquite has seen the fastest rent growth in the metro, with a year-over-year increase of 3.1%. The median two-bedroom there costs $1,330, while one-bedrooms go for $1,070.

Over the past year, McKinney is the only city in the metro that has seen rents fall, with a decline of 1.0%. Median two-bedrooms there cost $1,400, while one-bedrooms go for $1,130.

Dallas proper has the least expensive rents in the Dallas metro, with a two-bedroom median of $1,110; rents grew 0.1% over the past month and 0.6% over the past year.

Plano has the most expensive rents of the largest cities in the Dallas metro, with a two-bedroom median of $1,430; rents increased 0.1% over the past month and 0.8% over the past year.

Richardson rents more affordable than many large cities nationwide

As rents have fallen significantly in Richardson, many large cities nationwide have seen prices increase, in some cases substantially. Richardson is also more affordable than most large cities across the country.

Other cities across the state have seen rents slightly increase, with Texas as a whole logging rent growth of 1.5% over the past year. For example, rents have grown by 2.3% in Austin, 1.8% in Houston, and 1.5% in San Antonio.

Richardson's median two-bedroom rent of $1,310 is above the national average of $1,180. Nationwide, rents have grown by 1.1% over the past year compared to the 2.5% decline in Richardson.

While rents in Richardson fell significantly over the past year, many cities nationwide saw increases, including Phoenix (+3.0%), New York (+1.5%), and Los Angeles (+1.3%).

Renters will find more reasonable prices in Richardson than most large cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than twice the price in Richardson.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Dallas

$890

$1,110

0.1%

0.6%

Fort Worth

$920

$1,150

0.2%

1.0%

Arlington

$990

$1,230

0.6%

2.8%

Plano

$1,150

$1,430

0.1%

0.8%

Garland

$990

$1,230

-0.3%

1.8%

Irving

$980

$1,220

-0.1%

2.2%

Grand Prairie

$1,010

$1,250

0.7%

2.7%

Mesquite

$1,070

$1,330

0.8%

3.1%

McKinney

$1,130

$1,400

0.5%

-1.0%

Carrollton

$1,100

$1,370

0.0%

3.0%

Frisco

$1,280

$1,580

-0.3%

-0.8%

Denton

$850

$1,060

1.0%

1.4%

Richardson

$1,050

$1,310

-0.6%

-2.5%

Lewisville

$1,000

$1,240

0.3%

2.7%

Allen

$1,230

$1,530

0.3%

1.2%

Flower Mound

$1,810

$2,240

-0.9%

-1.4%

North Richland Hills

$1,060

$1,320

0.5%

2.5%

Mansfield

$1,210

$1,500

-0.4%

-1.1%

Euless

$980

$1,220

0.4%

3.4%

DeSoto

$980

$1,220

0.6%

-0.0%

Bedford

$1,010

$1,260

1.9%

2.4%

Grapevine

$1,070

$1,330

-0.2%

1.2%

Cedar Hill

$1,150

$1,430

0.4%

0.7%

Haltom City

$780

$960

-0.7%

1.1%

Wylie

$1,040

$1,290

0.5%

2.3%

Keller

$1,360

$1,690

-0.6%

0.8%

Coppell

$1,220

$1,520

0.7%

-0.1%

Duncanville

$1,020

$1,270

-0.8%

0.4%

Hurst

$890

$1,110

0.2%

2.6%

Lancaster

$880

$1,090

0.3%

0.4%

The Colony

$1,160

$1,450

0.3%

-1.5%

Addison

$990

$1,230

0.0%

0.6%

See more

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.